Although the crypto market continues to falter each and every day, with Bitcoin (BTC) continuing to post lower lows, zealous crusaders have maintained their undying belief in this game-changing asset class. While the faith imbued in this decade-old innovation has taken many forms over the years, in the recent downturn, a number of industry insiders have utilized over-optimistic price predictions to accentuate their bullish sentiment.
Bitcoin Is Genius
Max Keiser, an outspoken cryptocurrency advocate and RT contributor, recently sat down with Bitcoinist’s Allen Scott to conduct an exclusive interview.
— Max Keiser, tweet artist (@maxkeiser) November 30, 2018
Scott, referencing his previous interviews with Keiser, noted that BTC has fallen drastically in U.S. dollar value since he last spoke with the former Wall Street player. Keeping in mind that this move came straight out of left field (at least in the eyes of some), the Bitcoinist chief editor asked New York native about potential catalysts behind the plunge.
Keiser, turning the question on its head, noted that inherently, the Bitcoin protocol itself is “genius,” alluding to the controversial opinion that the nature of the world’s first blockchain supersedes price. Saifedean Ammous, for instance, has incessantly called BTC, the world’s “hardest money,” alluding to its nature as a decentralized, borderless, censorship-resistant, and scarce asset that easily ousts government-issued cash in a variety of facets.
Returning to the matter at hand, the RT anchor added that the 2018’s BTC collapse, which has seen $700 billion disintegrate from the market capitalization of cryptocurrencies, is a byproduct of an over-extended bull run in late-2017.
Scott, drawing attention to the number of calls for a “crypto winter,” asked Keiser if the same is going on today. Staving away from answering the question explicitly, the 2011 Bitcoin adopter explained that he’s still bullish, especially from a long-term perspective.
Interestingly, the interviewer went on to draw attention to the fact that a majority of industry participants see BTC as a “risk-on asset,” debasing the sentiment that BTC is essentially the world’s second coming of gold but in a digital form. Yet, he added that this is, in fact, false.
Keiser explained that BTC, like gold and traditional fiat, is a “risk-off” asset. And as such, he exclaimed that once the market at large acknowledges this fact, which has flown under the radar, the world’s first cryptocurrency could surpass its all-time high as capital flight occurs to BTC.
“Monetary Black Hole” — Crypto V.S. Fiat… Fight!
In closing, wrapping up his bullish-on-Bitcoin comments into one, sweet bundle, Keiser was quoted as saying:
“Bitcoin is the monetary black hole that will gobble up all fiat and rise to more than $100,000 doing it. But humans themselves may never see that day.”
Keiser isn’t the only crypto advocate to claim that BTC will surpass and usurp the hegemony that the government has established for fiat. Speaking with crypto-centric content creator Naomi Brockwell, Erik Voorhees, CEO of ShapeShift, told the influencer that he deems government fiat a “scam,” before adding that crypto assets are a perfect alternative.
Tim Draper, a legendary American venture capitalist, echoed the sentiment, telling Ran NeuNer of CNBC Africa that eventually, as BTC transforms the global economy beyond the human imagination, “there will be no need to use fiat currency again.” Draper boiled down his inflammatory statement to the fact that when you boil cryptocurrencies down, they are “just better.”